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South Africa and the African Export-Import Bank (Afreximbank) have signed a $14 billion country programme to accelerate industrial development, expand trade and strengthen the country’s economic links with the rest of Africa.

The memorandum of understanding, signed in Alamein, Egypt, on June 20, will see Afreximbank deploy financing and non-financial support for South Africa’s development priorities, including industrial infrastructure, energy generation and transmission, and projects designed to improve competitiveness.

The agreement was signed by Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, and Mpho Parks Tau, South Africa’s Minister of Trade, Industry and Competition.

The partnership follows South Africa’s accession to Afreximbank’s Establishment Agreement in February 2026 and is intended to deepen cooperation between the country and the pan-African multilateral financial institution.

Of the total programme, $3 billion has been earmarked for the Afreximbank Inclusive Development Support Programme for South Africa, which aims to expand access to finance for previously disadvantaged groups and support broader participation in strategic sectors.

Elombi said the agreement would help unlock investment in strategic sectors, support the processing of mineral and agricultural commodities in South Africa, expand trade under the African Continental Free Trade Area (AfCFTA) and promote South African investment across the continent.

“With this memorandum of understanding, Afreximbank and the Republic of South Africa have taken a significant step to strengthen our partnership to support South Africa’s development priorities and advance Africa’s economic integration,” Elombi said.

Tau said the agreement would also support implementation of the AfCFTA by promoting stronger regional value chains and tackling cross-border barriers that restrict the movement of goods, services and capital.

The programme’s priorities include relaunching and funding the South Africa-Africa Trade and Investment Promotion Programme, known as SATIPP 2.0; supporting the establishment of a South Africa Exim Bank; preparing joint projects; financing industrial parks and special economic zones; and co-financing energy, renewable energy and mineral beneficiation projects.

The country programme is aligned with South Africa’s National Development Plan 2030, the Medium Term Development Plan for 2024 to 2029, the Growth and Inclusion implementation plan and the country’s industrial and trade strategies. Afreximbank said the initiative forms part of its broader mandate to finance and promote intra- and extra-African trade and support industrialisation across the continent.